{"id":213,"date":"2025-12-19T23:34:54","date_gmt":"2025-12-19T20:34:54","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=213"},"modified":"2025-12-19T23:34:54","modified_gmt":"2025-12-19T20:34:54","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-derim-derimod-konfeksiyon-2025-9-bilanco-analizi-%f0%9f%a7%bf","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/213","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DERIM | Derimod Konfeksiyon 2025\/9 Bilan\u00e7o Analizi | *** \ud83e\uddff"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #DERIM | Derimod Konfeksiyon 2025\/9 Bilan\u00e7o Analizi | *** \ud83e\uddff\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/2d38peiG6g0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Finansal Raporun Perde Arkas\u0131: Derimod Konfeksiyon Hakk\u0131nda 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<p>Finansal raporlar&#8230; Sadece bu iki kelime bile bir\u00e7o\u011fumuzun zihninde karma\u015f\u0131k tablolar, dipnotlar ve anla\u015f\u0131lmaz rakam y\u0131\u011f\u0131nlar\u0131 canland\u0131r\u0131r. Genellikle s\u0131k\u0131c\u0131 ve sadece uzmanlar\u0131n anlayabilece\u011fi belgeler olarak g\u00f6r\u00fcl\u00fcrler. Ancak bu rakamlar\u0131n ard\u0131na dikkatli bir g\u00f6zle bakt\u0131\u011f\u0131n\u0131zda, bir \u015firketin i\u015fleyi\u015fine, stratejisine ve hatta karakterine dair inan\u0131lmaz derecede ilgin\u00e7 hikayeler bulabilirsiniz.<\/p>\n<p>\u0130\u015fte bu merakla, T\u00fcrkiye&#8217;nin k\u00f6kl\u00fc markalar\u0131ndan birinin arkas\u0131ndaki halka a\u00e7\u0131k \u015firket olan Derimod Konfeksiyon&#8217;un 2025 y\u0131l\u0131 9 ayl\u0131k faaliyet raporunu inceledik. Kar\u015f\u0131m\u0131za, \u015firketin bilinen kimli\u011finin ard\u0131nda yatan be\u015f \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7ek \u00e7\u0131kt\u0131. Gelin, bu rakamlar\u0131n bize anlatt\u0131\u011f\u0131 be\u015f \u015fa\u015f\u0131rt\u0131c\u0131 ger\u00e7e\u011fe birlikte g\u00f6z atal\u0131m.<\/p>\n<h2>1. Neredeyse Tek M\u00fc\u015fterisi Olan Bir Halka A\u00e7\u0131k \u015eirket<\/h2>\n<p>Bir \u015firketin halka arz edilmesi genellikle m\u00fc\u015fteri taban\u0131n\u0131 geni\u015fletme, marka bilinirli\u011fini art\u0131rma ve kurumsalla\u015fma ad\u0131mlar\u0131yla ili\u015fkilendirilir. Ancak Derimod Konfeksiyon, bu geleneksel beklentilerin \u00e7ok d\u0131\u015f\u0131nda bir modelle \u00e7al\u0131\u015f\u0131yor. \u015eirketin 2025&#8217;in ilk dokuz ay\u0131ndaki sat\u0131\u015flar\u0131n\u0131n tam <b>%99,99&#8217;u<\/b>, ana orta\u011f\u0131 olan ve hepimizin bildi\u011fi ma\u011fazalar\u0131 i\u015fleten Derimod Pazarlama&#8217;ya yap\u0131lm\u0131\u015f.<\/p>\n<p>Bu durum, Derimod Konfeksiyon&#8217;un halka a\u00e7\u0131k olmas\u0131na ra\u011fmen, asl\u0131nda ba\u011f\u0131ms\u0131z bir oyuncu de\u011fil, dev bir markan\u0131n halka a\u00e7\u0131k bir &#8220;tedarik departman\u0131&#8221; olarak i\u015fledi\u011fini g\u00f6steriyor.<\/p>\n<h2>2. Varl\u0131klar\u0131n\u0131n %82&#8217;si Tek Bir Yerden Alacak<\/h2>\n<p>Peki bu tek m\u00fc\u015fterili yap\u0131 bilan\u00e7oda nas\u0131l bir iz b\u0131rak\u0131yor? Rakamlar adeta kendi hikayesini anlat\u0131yor:<\/p>\n<ul>\n<li><b>Toplam Varl\u0131klar:<\/b> 1.688.834.054 TL<\/li>\n<li><b>\u0130li\u015fkili Taraflardan Ticari Alacaklar (Derimod Pazarlama):<\/b> 1.389.381.937 TL<\/li>\n<\/ul>\n<p>Basit bir hesaplama, \u015firketin toplam varl\u0131klar\u0131n\u0131n yakla\u015f\u0131k <b>%82&#8217;sinin<\/b> tek bir yerden, yani ana orta\u011f\u0131 Derimod Pazarlama&#8217;dan olan alacaklar\u0131ndan olu\u015ftu\u011funu ortaya koyuyor. Bu, \u015firketin varl\u0131klar\u0131n\u0131n k\u00e2\u011f\u0131t \u00fczerinde milyarlarca lira olmas\u0131na ra\u011fmen, finansal kaderinin neredeyse tamamen ana orta\u011f\u0131n\u0131n ticari performans\u0131na ve \u00f6deme disiplinine kilitlendi\u011fi anlam\u0131na gelir.<\/p>\n<h2>3. Milyarlarca Lira Ciro, %1&#8217;in Alt\u0131nda K\u00e2r Marj\u0131<\/h2>\n<p>Derimod Konfeksiyon&#8217;un ciro ve k\u00e2rl\u0131l\u0131k rakamlar\u0131 aras\u0131ndaki ili\u015fki, belki de en \u015fa\u015f\u0131rt\u0131c\u0131 detaylardan biri. \u015eirketin ilk dokuz ayl\u0131k finansal sonu\u00e7lar\u0131 \u015f\u00f6yle:<\/p>\n<ul>\n<li><b>Has\u0131lat (Ciro):<\/b> 3.406.121.882 TL<\/li>\n<li><b>D\u00f6nem Net K\u00e2r\u0131:<\/b> 30.266.940 TL<\/li>\n<li><b>Net K\u00e2r Marj\u0131:<\/b> %0,89<\/li>\n<\/ul>\n<p>Evet, yanl\u0131\u015f okumad\u0131n\u0131z. \u015eirket, 3,4 milyar liral\u0131k devasa bir ciroya kar\u015f\u0131l\u0131k, sadece %0,89&#8217;luk bir net k\u00e2r marj\u0131 elde etmi\u015f. Bu durum, grup \u015firketleri aras\u0131nda s\u0131kl\u0131kla g\u00f6r\u00fclen ve &#8220;transfer fiyatland\u0131rmas\u0131&#8221; olarak bilinen stratejinin bir yans\u0131mas\u0131d\u0131r. De\u011fer ve k\u00e2r, \u00fcretimin veya tedari\u011fin yap\u0131ld\u0131\u011f\u0131 bu halkada de\u011fil, kas\u0131tl\u0131 olarak \u00fcr\u00fcn\u00fcn son t\u00fcketiciyle bulu\u015ftu\u011fu Derimod Pazarlama&#8217;da b\u0131rak\u0131l\u0131yor. Ayr\u0131ca, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde %1,47 olan k\u00e2r marj\u0131n\u0131n bu y\u0131l neredeyse yar\u0131ya d\u00fc\u015fm\u00fc\u015f olmas\u0131 da k\u00e2rl\u0131l\u0131\u011f\u0131n ne kadar ince bir ip \u00fczerinde y\u00fcr\u00fcd\u00fc\u011f\u00fcn\u00fc ve as\u0131l partinin ba\u015fka bir yerde verildi\u011fini g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<h2>4. Dokuz Ayda S\u0131f\u0131rlanan Banka Borcu<\/h2>\n<p>Finansal tablolar her zaman sadece riskleri g\u00f6stermez, bazen de \u00e7ok g\u00fc\u00e7l\u00fc olumlu sinyaller verir. Derimod Konfeksiyon&#8217;un bor\u00e7 y\u00f6netimi de bunlardan biri. 31 Aral\u0131k 2024 tarihinde yakla\u015f\u0131k <b>40,2 milyon TL<\/b> olan banka kredileri, sadece dokuz ay sonra, 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla tamamen s\u0131f\u0131rlanm\u0131\u015f.<\/p>\n<p>Bu etkileyici bor\u00e7 temizli\u011fi, tek m\u00fc\u015fterili modelin bir di\u011fer y\u00fcz\u00fcn\u00fc g\u00f6steriyor: Risk yo\u011funla\u015fm\u0131\u015f olsa da, ana ortaktan gelen d\u00fczenli ve b\u00fcy\u00fck hacimli nakit ak\u0131\u015f\u0131, \u015firkete bu t\u00fcr h\u0131zl\u0131 finansal manevralar yapma g\u00fcc\u00fc veriyor. Bu geli\u015fme, \u015firketin nakit yaratma kabiliyetini ve bor\u00e7 y\u00f6netimi konusundaki disiplinini g\u00f6steren g\u00fc\u00e7l\u00fc bir kan\u0131t niteli\u011finde.<\/p>\n<h2>5. 50 Y\u0131ll\u0131k \u015eirketten Bir &#8220;\u0130lk&#8221;: S\u00fcrd\u00fcr\u00fclebilirlik Raporu<\/h2>\n<p>1974 y\u0131l\u0131nda kurulan Derimod Konfeksiyon, yakla\u015f\u0131k 50 y\u0131ll\u0131k k\u00f6kl\u00fc bir ge\u00e7mi\u015fe sahip. Ancak bu k\u00f6kl\u00fc ge\u00e7mi\u015f, \u015firketin gelece\u011fe y\u00f6nelik ad\u0131mlar atmas\u0131na engel de\u011fil. Faaliyet raporunda belirtildi\u011fi \u00fczere \u015firket, 2024 y\u0131l\u0131 faaliyetlerini kapsayan <b>&#8220;ilk s\u00fcrd\u00fcr\u00fclebilirlik raporunu&#8221;<\/b> haz\u0131rl\u0131yor.<\/p>\n<p>Neredeyse yar\u0131m as\u0131rl\u0131k bir \u015firketin bu ad\u0131m\u0131 atmas\u0131, g\u00fcn\u00fcm\u00fcz i\u015f d\u00fcnyas\u0131n\u0131n en \u00f6nemli beklentilerinden olan \u00e7evresel, sosyal ve kurumsal y\u00f6netim (ESG) sorumluluklar\u0131na uyum sa\u011flama \u00e7abas\u0131n\u0131n net bir g\u00f6stergesi. Bu &#8220;ilk&#8221;, sadece bir rapor yay\u0131mlamaktan \u00f6te, \u015firketin gelece\u011fe d\u00f6n\u00fck vizyonu ve de\u011fi\u015fen d\u00fcnyaya adapte olma iste\u011fi hakk\u0131nda da \u00f6nemli bir ipucu veriyor.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<p>Bu be\u015f nokta, finansal raporlar\u0131n sadece rakamlardan ibaret olmad\u0131\u011f\u0131n\u0131 kan\u0131tl\u0131yor. Derimod Konfeksiyon \u00f6rne\u011finde g\u00f6rd\u00fc\u011f\u00fcm\u00fcz gibi, sat\u0131r aralar\u0131nda bir \u015firketin i\u015f modelinin ne kadar \u00f6zg\u00fcn, stratejisinin ne kadar odakl\u0131 ve finansal yap\u0131s\u0131n\u0131n ne kadar hassas dengeler \u00fczerine kurulu oldu\u011funu okumak m\u00fcmk\u00fcn. Rakamlar bize, bildi\u011fimiz bir perakende markas\u0131n\u0131n ard\u0131nda asl\u0131nda karma\u015f\u0131k ve kendine has kurallarla i\u015fleyen bir tedarik zinciri oyuncusu oldu\u011funu anlat\u0131yor.<\/p>\n<p>Bir \u015firketin finansal raporlar\u0131na bu g\u00f6zle bakt\u0131\u011f\u0131n\u0131zda, rakamlar\u0131n arkas\u0131nda ne kadar farkl\u0131 bir strateji ve hikaye g\u00f6rebilece\u011finizi hi\u00e7 d\u00fc\u015f\u00fcnm\u00fc\u015f m\u00fcyd\u00fcn\u00fcz?<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Derimod Konfeksiyon A.\u015e. Faaliyet ve Finansal Durum De\u011ferlendirmesi (01.01.2025 &#8211; 30.09.2025)<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, Derimod Konfeksiyon Ayakkab\u0131 Deri Sanayi ve Ticaret A.\u015e.&#8217;nin 1 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 ara d\u00f6nemine ait faaliyet raporu ve finansal tablolar\u0131n\u0131 analiz etmektedir. \u015eirket, &#8220;Derimod&#8221; markas\u0131n\u0131n tedarik zincirini y\u00f6netmekte olup, ana faaliyet konusu yurti\u00e7i ve yurtd\u0131\u015f\u0131 piyasalardan tedarik etti\u011fi \u00fcr\u00fcnleri, ana orta\u011f\u0131 olan Derimod Deri Konfeksiyon Pazarlama Sanayi ve Ticaret A.\u015e.&#8217;ye toptan satmakt\u0131r. 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda sat\u0131\u015flar\u0131n %99,99&#8217;u bu ili\u015fkili tarafa yap\u0131lm\u0131\u015ft\u0131r, bu da \u015firketin operasyonel ve finansal yap\u0131s\u0131n\u0131n ana orta\u011f\u0131na olan derin ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 g\u00f6stermektedir.<\/p>\n<p>Finansal olarak, 2025&#8217;in ilk dokuz ay\u0131nda \u015firket, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re hafif bir has\u0131lat d\u00fc\u015f\u00fc\u015f\u00fc ya\u015famas\u0131na ra\u011fmen br\u00fct k\u00e2r\u0131n\u0131 korumay\u0131 ba\u015farm\u0131\u015ft\u0131r. FAV\u00d6K marj\u0131nda g\u00f6zle g\u00f6r\u00fcl\u00fcr bir iyile\u015fme kaydedilirken, net k\u00e2rda \u00f6nemli bir d\u00fc\u015f\u00fc\u015f ya\u015fanm\u0131\u015ft\u0131r. Bilan\u00e7o taraf\u0131nda en dikkat \u00e7ekici geli\u015fmeler, nakit ve nakit benzerlerindeki b\u00fcy\u00fck azalma, ana ortaktan olan ticari alacaklardaki art\u0131\u015f ve banka kredilerinin tamamen kapat\u0131lmas\u0131d\u0131r.<\/p>\n<p>Stratejik olarak \u015firket, kurumsal y\u00f6netim ilkelerine uyum ve s\u00fcrd\u00fcr\u00fclebilirlik alanlar\u0131nda \u00f6nemli ad\u0131mlar atmaktad\u0131r. 2024 mali y\u0131l\u0131 i\u00e7in ilk s\u00fcrd\u00fcr\u00fclebilirlik raporlar\u0131n\u0131 haz\u0131rlamakta olup, bu raporlardan birinin T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131&#8217;na (TSRS) uyumlu olaca\u011f\u0131 belirtilmi\u015ftir. Ayr\u0131ca, t\u00fcm finansal tablolar\u0131n TMS 29 standard\u0131 kapsam\u0131nda enflasyon muhasebesi ilkelerine g\u00f6re d\u00fczeltildi\u011fi vurgulanmal\u0131d\u0131r. Bu durum, finansal verilerin yorumlanmas\u0131nda kritik bir unsurdur.<\/p>\n<h2>1. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>1.1. \u015eirket Profili<\/h3>\n<p>1974 y\u0131l\u0131nda \u0130stanbul&#8217;da kurulan Derimod Konfeksiyon, &#8220;Derimod&#8221; markas\u0131n\u0131n tedarik zinciri y\u00f6netimini \u00fcstlenmektedir. \u015eirketin temel i\u015f modeli, a\u015fa\u011f\u0131daki kategorilerde \u00fcr\u00fcn tedarik edip bunlar\u0131 ana orta\u011f\u0131 ve perakende operasyonlar\u0131n\u0131 y\u00fcr\u00fcten Derimod Pazarlama&#8217;ya toptan satmakt\u0131r.<\/p>\n<ul>\n<li><b>Ana Faaliyet Alanlar\u0131:<\/b>\n<ul>\n<li><b>Deri Giysi:<\/b> A\u011f\u0131rl\u0131kl\u0131 olarak deri ceketlerden olu\u015fmakta olup, haz\u0131r al\u0131m ve fason \u00fcretim modelleriyle tedarik edilmektedir.<\/li>\n<li><b>Ayakkab\u0131 &amp; \u00c7anta:<\/b> Aksesuar \u00fcr\u00fcnlerinin de dahil oldu\u011fu bu kategori, yurti\u00e7i ve yurtd\u0131\u015f\u0131 kaynaklardan temin edilmektedir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin personel say\u0131s\u0131 64 ki\u015fidir.<\/p>\n<h3>1.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin 30 Eyl\u00fcl 2025 tarihi itibar\u0131yla \u00f6denmi\u015f sermayesi 54.000.000 TL&#8217;dir. Hisselerinin %27&#8217;si Borsa \u0130stanbul&#8217;da (B\u0130ST) i\u015flem g\u00f6rmektedir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak<\/td>\n<td>Hisse Tutar\u0131 (TL)<\/td>\n<td>Hisse Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Derimod Pazarlama A.\u015e<\/td>\n<td>39.418.120<\/td>\n<td>73,00<\/td>\n<\/tr>\n<tr>\n<td>Halka A\u00e7\u0131k<\/td>\n<td>14.581.880<\/td>\n<td>27,00<\/td>\n<\/tr>\n<tr>\n<td><b>TOPLAM<\/b><\/td>\n<td><b>54.000.000<\/b><\/td>\n<td><b>100,00<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.3. Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>Y\u00f6netim Kurulu 7 \u00fcyeden olu\u015fmaktad\u0131r. \u015eirket, SPK&#8217;n\u0131n Kurumsal Y\u00f6netim Tebli\u011fi uyar\u0131nca g\u00f6rev ve sorumluluklar\u0131n\u0131 etkin bir \u015fekilde yerine getirmek amac\u0131yla \u00fc\u00e7 ana komite olu\u015fturmu\u015ftur. Bu komiteler, raporlama d\u00f6neminde d\u00fczenli olarak toplanm\u0131\u015f ve Y\u00f6netim Kurulu&#8217;na tavsiyelerde bulunmu\u015ftur.<\/p>\n<ul>\n<li><b>Y\u00f6netim Kurulu \u00dcyeleri:<\/b>\n<ul>\n<li><b>\u00dcmit ZA\u0130M:<\/b> Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>Zerrin ZA\u0130M:<\/b> Y\u00f6netim Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Sedef ORMAN:<\/b> \u0130cra Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Ahmet Murat ZA\u0130M:<\/b> \u0130cra Kurulu Ba\u015fkan\u0131<\/li>\n<li><b>Mehmet Ali ZA\u0130M:<\/b> \u0130cra Kurulu Ba\u015fkan Yard\u0131mc\u0131s\u0131<\/li>\n<li><b>Demet \u00c7\u0130MEN DALAK:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<li><b>Re\u015fit \u00d6mer K\u00dcKNER:<\/b> Ba\u011f\u0131ms\u0131z Y\u00f6netim Kurulu \u00dcyesi<\/li>\n<\/ul>\n<\/li>\n<li><b>Komiteler ve Faaliyetleri:<\/b>\n<ul>\n<li><b>Denetimden Sorumlu Komite:<\/b> Rapor d\u00f6neminde 3 kez toplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Riskin Erken Saptanmas\u0131 Komitesi:<\/b> Rapor d\u00f6neminde 4 kez toplanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Kurumsal Y\u00f6netim Komitesi:<\/b> Rapor d\u00f6neminde 3 kez toplanm\u0131\u015ft\u0131r. Bu komite ayn\u0131 zamanda Aday G\u00f6sterme ve \u00dccret Komitelerinin g\u00f6revlerini de \u00fcstlenmektedir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>2. 2025 Dokuz Ayl\u0131k Finansal Performans Analizi<\/h2>\n<p>\u015eirketin finansal tablolar\u0131, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca enflasyona g\u00f6re d\u00fczeltilmi\u015ftir. T\u00fcm kar\u015f\u0131la\u015ft\u0131rmal\u0131 veriler bu esasa g\u00f6re sunulmu\u015ftur.<\/p>\n<h3>2.1. Gelir Tablosu \u00d6zeti<\/h3>\n<p>2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131nda \u015firket, 30.266.940 TL net d\u00f6nem k\u00e2r\u0131 elde etmi\u015ftir. \u00d6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine k\u0131yasla has\u0131latta d\u00fc\u015f\u00fc\u015f ya\u015fan\u0131rken, br\u00fct k\u00e2r seviyesi neredeyse sabit kalm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Finansal Kalem (milyon TL)<\/td>\n<td>9A 2025<\/td>\n<td>9A 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td>Has\u0131lat<\/td>\n<td>3.406<\/td>\n<td>3.547<\/td>\n<td>-%4,0<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r<\/td>\n<td>428<\/td>\n<td>428<\/td>\n<td>-%0,1<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K<\/td>\n<td>244<\/td>\n<td>212<\/td>\n<td>+%15,1<\/td>\n<\/tr>\n<tr>\n<td>Net K\u00e2r<\/td>\n<td>30<\/td>\n<td>52<\/td>\n<td>-%42,1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2. K\u00e2rl\u0131l\u0131k Marjlar\u0131<\/h3>\n<p>\u015eirketin br\u00fct k\u00e2r ve FAV\u00d6K marjlar\u0131nda iyile\u015fme g\u00f6r\u00fcl\u00fcrken, net k\u00e2r marj\u0131nda d\u00fc\u015f\u00fc\u015f kaydedilmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Marj Oran\u0131 (%)<\/td>\n<td>9A 2025<\/td>\n<td>9A 2024<\/td>\n<td>De\u011fi\u015fim (Baz Puan)<\/td>\n<\/tr>\n<tr>\n<td>Br\u00fct K\u00e2r Marj\u0131<\/td>\n<td>%12,57<\/td>\n<td>%12,07<\/td>\n<td>+50<\/td>\n<\/tr>\n<tr>\n<td>FAV\u00d6K Marj\u0131<\/td>\n<td>%7,17<\/td>\n<td>%5,97<\/td>\n<td>+120<\/td>\n<\/tr>\n<tr>\n<td>Net K\u00e2r Marj\u0131<\/td>\n<td>%0,89<\/td>\n<td>%1,47<\/td>\n<td>-58<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.3. Bilan\u00e7o Analizi<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin aktif toplam\u0131 1,69 milyar TL, \u00f6zkaynaklar\u0131 ise 545,7 milyon TL olarak ger\u00e7ekle\u015fmi\u015ftir. \u00d6nceki y\u0131l sonuna g\u00f6re bilan\u00e7odaki temel de\u011fi\u015fimler a\u015fa\u011f\u0131da \u00f6zetlenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Bilan\u00e7o Kalemi (TL)<\/td>\n<td>30 Eyl\u00fcl 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>1.688.834.054<\/b><\/td>\n<td><b>1.725.113.202<\/b><\/td>\n<td><b>-%2,1<\/b><\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>57.332.455<\/td>\n<td>303.682.032<\/td>\n<td>-%81,1<\/td>\n<\/tr>\n<tr>\n<td>Ticari Alacaklar<\/td>\n<td>1.389.830.212<\/td>\n<td>1.177.375.073<\/td>\n<td>+%18,0<\/td>\n<\/tr>\n<tr>\n<td>Stoklar<\/td>\n<td>149.586.469<\/td>\n<td>134.652.925<\/td>\n<td>+%11,1<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Kaynaklar<\/b><\/td>\n<td><b>1.688.834.054<\/b><\/td>\n<td><b>1.725.113.202<\/b><\/td>\n<td><b>-%2,1<\/b><\/td>\n<\/tr>\n<tr>\n<td>K\u0131sa Vadeli Bor\u00e7lanmalar<\/td>\n<td>&#8211;<\/td>\n<td>36.372.781<\/td>\n<td>-%100,0<\/td>\n<\/tr>\n<tr>\n<td>Ticari Bor\u00e7lar<\/td>\n<td>1.053.214.605<\/td>\n<td>1.098.868.856<\/td>\n<td>-%4,2<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zkaynaklar<\/td>\n<td>545.713.099<\/td>\n<td>515.203.162<\/td>\n<td>+%5,9<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Nakit Pozisyonu:<\/b> Nakit ve nakit benzerlerindeki 246 milyon TL&#8217;lik d\u00fc\u015f\u00fc\u015f, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde i\u015fletme sermayesindeki de\u011fi\u015fimlerden ve bor\u00e7 \u00f6demelerinden kaynaklanmaktad\u0131r.<\/li>\n<li><b>Alacaklar:<\/b> Ticari alacaklardaki art\u0131\u015f\u0131n tamam\u0131na yak\u0131n\u0131 ana ortak Derimod Pazarlama&#8217;dan olan alacaklardan gelmektedir.<\/li>\n<li><b>Bor\u00e7luluk:<\/b> \u015eirket, d\u00f6nem i\u00e7inde t\u00fcm banka kredilerini \u00f6deyerek finansal bor\u00e7lar\u0131n\u0131 s\u0131f\u0131rlam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>3. Operasyonel Faaliyetler ve Risk Y\u00f6netimi<\/h2>\n<h3>3.1. \u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>\u015eirketin i\u015f modeli, ana orta\u011f\u0131 Derimod Pazarlama A.\u015e. ile olan ticari ili\u015fkiye dayanmaktad\u0131r. Bu ili\u015fki, \u015firketin gelirlerinin ve alacak yap\u0131s\u0131n\u0131n neredeyse tamam\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/p>\n<ul>\n<li><b>Sat\u0131\u015f Ba\u011f\u0131ml\u0131l\u0131\u011f\u0131:<\/b> 1 Ocak \u2013 30 Eyl\u00fcl 2025 d\u00f6neminde yap\u0131lan sat\u0131\u015flar\u0131n <b>%99,99&#8217;u<\/b> Derimod Pazarlama&#8217;ya yap\u0131lm\u0131\u015ft\u0131r.<\/li>\n<li><b>Alacak Bakiyesi:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla Derimod Pazarlama&#8217;dan olan (reeskont sonras\u0131) ticari alacak tutar\u0131 <b>1.389.381.937 TL<\/b>&#8216;dir. Bu rakam, toplam ticari alacaklar\u0131n tamam\u0131na yak\u0131n\u0131n\u0131 te\u015fkil etmektedir.<\/li>\n<li><b>\u00dcst D\u00fczey Y\u00f6netici \u00dccretleri:<\/b> D\u00f6nem i\u00e7erisinde \u00fcst d\u00fczey y\u00f6neticilere sa\u011flanan \u00fccret ve benzeri menfaatlerin toplam\u0131 <b>16.588.138 TL<\/b>&#8216;dir.<\/li>\n<\/ul>\n<h3>3.2. Finansal Risk Y\u00f6netimi<\/h3>\n<p>\u015eirket, faaliyetleri nedeniyle kur riski, faiz oran\u0131 riski ve likidite riski gibi \u00e7e\u015fitli finansal risklere maruz kalmaktad\u0131r.<\/p>\n<ul>\n<li><b>Kur Riski:<\/b> \u015eirket, \u00f6zellikle ABD Dolar\u0131 ve Avro para birimlerinden kaynaklanan kur riskine maruzdur. 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin net yabanc\u0131 para y\u00fck\u00fcml\u00fcl\u00fck pozisyonu <b>(45.186.100) TL<\/b>&#8216;dir.<\/li>\n<li><b>Kur Riski Duyarl\u0131l\u0131k Analizi:<\/b>\n<ul>\n<li>ABD Dolar\u0131&#8217;n\u0131n TL kar\u015f\u0131s\u0131nda %20 de\u011fer kazanmas\u0131 durumunda, k\u00e2r\/zarar <b>9.094.075 TL<\/b> olumsuz etkilenecektir.<\/li>\n<li>Avro&#8217;nun TL kar\u015f\u0131s\u0131nda %20 de\u011fer kazanmas\u0131 durumunda, k\u00e2r\/zarar <b>56.855 TL<\/b> olumlu etkilenecektir.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>3.3. Yasal ve \u0130dari Hususlar<\/h3>\n<ul>\n<li><b>Davalar:<\/b> 30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin mali durumunu ve faaliyetlerini \u00f6nemli d\u00fczeyde etkileyebilecek bir dava bulunmamaktad\u0131r.<\/li>\n<li><b>Cezalar:<\/b> Raporlama d\u00f6nemi i\u00e7erisinde \u015firket hakk\u0131nda herhangi bir idari veya adli yapt\u0131r\u0131m uygulanmam\u0131\u015ft\u0131r.<\/li>\n<li><b>Ba\u011f\u0131\u015f ve Yard\u0131mlar:<\/b> D\u00f6nem i\u00e7inde herhangi bir ba\u011f\u0131\u015f ve yard\u0131mda bulunulmam\u0131\u015ft\u0131r. 2025 y\u0131l\u0131 i\u00e7in yap\u0131lacak ba\u011f\u0131\u015flar\u0131n \u00fcst s\u0131n\u0131r\u0131 300.000 TL olarak belirlenmi\u015ftir.<\/li>\n<\/ul>\n<h2>4. Stratejik Giri\u015fimler ve Raporlama Esaslar\u0131<\/h2>\n<h3>4.1. S\u00fcrd\u00fcr\u00fclebilirlik Raporlamas\u0131<\/h3>\n<p>\u015eirket, sosyal ve \u00e7evresel sorumluluklar\u0131 \u00e7er\u00e7evesinde s\u00fcrd\u00fcr\u00fclebilirlik alan\u0131nda ad\u0131mlar atmaktad\u0131r.<\/p>\n<ul>\n<li><b>\u0130lk Raporlama:<\/b> \u015eirket, 1 Ocak \u2013 31 Aral\u0131k 2024 finansal raporlama d\u00f6nemini esas alan ilk s\u00fcrd\u00fcr\u00fclebilirlik raporlar\u0131n\u0131 haz\u0131rlamaktad\u0131r.<\/li>\n<li><b>Rapor T\u00fcrleri:<\/b> Biri genel yakla\u015f\u0131m, hedef ve \u00e7al\u0131\u015fmalar\u0131 \u00f6zetleyen, di\u011feri ise Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye S\u00fcrd\u00fcr\u00fclebilirlik Raporlama Standartlar\u0131&#8217;na (TSRS 1 ve TSRS 2) uygun olmak \u00fczere iki ayr\u0131 rapor haz\u0131rlanmaktad\u0131r.<\/li>\n<li><b>Yay\u0131n Tarihi:<\/b> TSRS uyumlu raporun, yasal son tarih olan <b>31 Ekim 2025<\/b>&#8216;e kadar yay\u0131nlanmas\u0131 planlanmaktad\u0131r.<\/li>\n<\/ul>\n<h3>4.2. Finansal Raporlama Standartlar\u0131<\/h3>\n<ul>\n<li><b>TFRS Uyumu:<\/b> Ara d\u00f6nem \u00f6zet finansal tablolar, SPK&#8217;n\u0131n Seri II, 14.1 No&#8217;lu &#8220;Sermaye Piyasas\u0131nda Finansal Raporlamaya \u0130li\u015fkin Esaslar Tebli\u011fi&#8221; h\u00fck\u00fcmlerine ve KGK taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;na (TFRS) uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi (TMS 29):<\/b> T\u00fcrkiye&#8217;deki y\u00fcksek enflasyon ortam\u0131 nedeniyle, 31 Aral\u0131k 2023&#8217;ten itibaren t\u00fcm finansal tablolar TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 kapsam\u0131nda enflasyon etkisine g\u00f6re d\u00fczeltilerek sunulmaktad\u0131r. Kar\u015f\u0131la\u015ft\u0131rmal\u0131 d\u00f6nem verileri de raporlama d\u00f6nemi sonundaki \u00f6l\u00e7\u00fcm birimine g\u00f6re yeniden d\u00fczenlenmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"213\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Bir Finansal Raporun Perde Arkas\u0131: Derimod Konfeksiyon Hakk\u0131nda 5 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek Finansal raporlar&#8230; Sadece bu iki kelime bile bir\u00e7o\u011fumuzun zihninde karma\u015f\u0131k tablolar, dipnotlar ve anla\u015f\u0131lmaz rakam y\u0131\u011f\u0131nlar\u0131 canland\u0131r\u0131r. Genellikle s\u0131k\u0131c\u0131 ve sadece uzmanlar\u0131n anlayabilece\u011fi belgeler olarak g\u00f6r\u00fcl\u00fcrler. Ancak bu rakamlar\u0131n&#8230; <\/p>\n","protected":false},"author":1,"featured_media":239,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6,41],"class_list":["post-213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-2025-09","tag-derim"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=213"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/213\/revisions"}],"predecessor-version":[{"id":240,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/213\/revisions\/240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/239"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}